The Channel logo

News

By | Kelly Fiveash 12th March 2008 11:21

Northamber announces £2.94m cash return

Surplus to requirements

Computer distie Northamber intends to return £2.94m, or ten pence a share, to shareholders because it is surplus to working capital requirements.

The Surrey-based firm said yesterday that the proposed return of cash will be made by splitting existing ordinary shares into new ordinary shares and C shares, as well as the expected acquisition of the C shares by stockbroker Walker Crips.

Shareholders will be asked to approve the cash return, which currently represents about 18 per cent of Northamber’s market capitalisation, at an EGM on 3 April.

If the proposal gets the go-ahead, shareholders will get one new share and one C share for each existing share they hold on 2 April.

All the C shares received by shareholders may be purchased by Walker Crips on 3 April for £3.06m, which represents ten pence per C share plus expenses, Northamber said in a statement.

Just last week the company reported a first half rise in pre-tax profit and revenue, helped by a moderate trading recovery and an overheads cutback.

Northamber shares are currently trading at 55.5 pence, up more than 2.5 per cent, on the London Stock Exchange. ®

alert Send corrections

Opinion

Privacy image

Frank Jennings

Two working parties, ministers galore... but data transfer law remains in limbo
EMC_Unity_bezel

Chris Evans

It does simplify the hardware setup, whatever it is
A microscopic view of the biometric shark skin. Pic: James Weaver

Chris Mellor

Do something and stop faffing about in the bush league

Kat Hall

International system in general needs greater transparency

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers